7111 21St StWichita, KS 67206

Property Details for 7111 21St St

Year built

1996

Construction

FRAME

Lot size

1.76 AC

Property size (Sq ft)

40,059 SF

Property type

Medical offices

Property subtype

Medical centers

APN

087-113-07-0-12-01-004.00

APU

87113070120100400

Description

This exceptional 39,602 square-foot medical office building in Wichita, Kansas, presents a compelling investment opportunity. Boasting an impressive 10.05% cap rate and 86% occupancy, the property features three tenants, primarily anchored by Primary Care Associates, under a triple-net (NNN) lease structure. The building, constructed in 1980 and renovated in 1996, sits on a 4.82-acre lot with ample parking (200 spaces). Recent capital expenditures exceeding $872,000 have enhanced the property, including lobby renovations, parking lot resurfacing, HVAC upgrades, and significant tenant improvement allowances. The roof, replaced in 2017, carries a warranty extending to November 2025. Strategically located on East 21st Street North, this property enjoys high visibility and accessibility, situated near major roadways including Highway 96 and just one mile from Wesley Woodlawn Hospital & ER. The property's zoning is GO, and the asking price is $6,950,000, translating to $175.50 per square foot. The substantial net operating income (NOI) of $698,742 further underscores the investment potential. This stabilized investment offers a value-add opportunity through lease-up potential and is well below replacement cost. The property's strong market fundamentals and institutional maintenance history make it an attractive acquisition for discerning investors. APN: 113070120100400, 113070120100500, 113070120100501.

• CAP approach

  CAP return

  Valuation

  6%

  $6,922,940

  6.5%

  $6,390,406

  7%

  $5,933,948

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,429,378

  Geo Method

  $4,429,378

• Alternative Use

  Use

  Valuation

  Residential

  $7,924,103

  Hospitality

  $7,258,436

  Educational

  $6,038,934

  Medical

  $6,246,622

  Retail

  $9,393,896

Location Insight

City

Wichita

County

Sedgwick

State

Kansas

Latitude

37.7225

Longitude

-97.2533

CBSA code

48620

CBSA name

WICHITA, KS METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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